Word: benetton
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...German is set to reportedly earn just under $10 million the first year - the full terms of the contract have not been disclosed - and will be reunited with Mercedes team principal Ross Brawn, who masterminded all seven of his titles, the first two with Benetton in 1994 and 1995 and the subsequent five with Ferrari from 2000-2004. "The motivation is pretty straightforward," said Schumacher. "I got a call from Ross at the beginning of November asking me to race again, telling me Mercedes were going to be involved. I've never left the racetrack and after three years...
...Benetton Group has its ups and downs too. It still makes sweaters but it has also greatly expanded its product offerings to include a wide range of apparel as well as new brands such as fashion-forward Sisley and the leisurewear brand Playlife. Now in overall charge of the group, Alessandro has his hands full. The challenge today is to restore some of Benetton's luster and take the company global far more aggressively. Italy still accounts for 46% of sales - Europe overall accounts for 80% - at a time of sluggish economic growth and ferocious competition on its home turf...
...Alessandro's priorities has been to push Benetton more deeply into international markets with the help of strong local partnerships. In India he signed a deal with the Tata group, the country's largest conglomerate, which will open and manage Sisley stores; in the first half of this year, Benetton opened 95 new India outlets, despite the economic crisis. In Mexico, the partner is the billionaire Carlos Slim and his Sears Mexico group. Under a deal signed last year, Benetton aims to open 250 new standalone outlets and boutiques in Sears stores in Mexico. Alessandro is also targeting other Latin...
...International expansion is continuing despite the financial crisis, which has ravaged Benetton's bottom line. Profit in the first half of this year plunged 60% to $42 million from $115 million in the comparable period of 2008; sales in the same period were down 11% to just under $1.3 billion. The company has responded by putting in place a restructuring plan that mainly targets operating efficiency in its supply chain. Many financial analysts are lukewarm about the company's prospects because of the weak consumer-spending climate and the tough competition. "Benetton remains under pressure from multiple angles...
...future, Alessandro says, is for Benetton to keep investing - but also for it to retain its strong entrepreneurial culture. Ask him about strategy and he'll talk about changes - but he always comes back to the idea of continuity. "Many people think that the way to start is by listing the things you want to change. My approach is to start from the list of things I thought it would be a big mistake to change," he says. He is, after all, a Benetton. As he says of his own ascent to prominence: "I love to describe this...